Flow of LME nickel to hidden storage dents bull story
465,000 tonnes of nickel play 'hide and seek'
465,000 tonnes of nickel play 'hide and seek'
The decision to restart output at the mine comes despite plans by the government to hike mining taxes to bring down mounting public debt.
Mining at the project in the Pacific nation will start in December, with ore shipments expected to begin in the first quarter of next year.
Several global metals producers have also set their sights on Indonesia's nickel reserves, looking to tap an expected surge in demand for the battery metal.
BHP Billiton said on Monday its Kalgoorlie nickel smelter has been closed after a fire that broke out over the weekend and the plant will remain shut while it assesses the damage.
Until now, the Australian miner had been advancing exploration projects in Latin America focused mainly on gold, but with significant exposure to copper, molybdenum and zinc.
Nickel has finally succumbed to the base metals price rout.
SMM said that it and nickel miner PT Vale Indonesia are conducting a feasibility study to build a nickel processing project in Pomalaa, Southeast Sulawesi.